Future Cost Projections and Budgeting
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What kind of future cost projections might need to be anticipated and contained in a budget? Remember want versus need considerations.
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This solution discusses the future cost projections that need to be considered in budgeting. A need versus want is also discussed.
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There are a few different elements that need to be considered. We have to estimate our revenue for budgeting as well as our costs. In order to properly estimate our costs, we should be using a combination of historical information, i.e., what the same costs cost us in the past one to two year period, and also economic and industrial data. When we combine these factors together, we are able to determine if our future cost projections are ...
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